In January, your Association of BellTel Retirees achieved its first 2022 bylaw change victory in advance of the Verizon Annual Meeting. In doing so we successfully negotiated one of our three retiree proxy measures to become a new corporate policy.
Why the change? The bylaw amendment requires the Verizon Board of Directors’ Human Resources Committee to expand its governance mandate to more than just being focused on senior executive compensation and benefits. Previously, this was their prime focus. No more!
This result was the 12th shareholder bylaw change your Association and its retiree leaders have achieved since we started challenging the company via shareholder proxies.
Now, the board is compelled to also oversee broader workforce equity issues, including: “employee diversity, equity and inclusion, talent acquisition, retention and development, employee engagement, pay equity and corporate culture.”
This proxy win now forces the Verizon Board’s HR committee to recognize every employee and retiree as an asset and equal citizen of Verizon.
Some of our members have reached out to ask why we, as retirees, should specifically worry ourselves with matters of diversity and inclusion at Verizon.
The goal of this proxy measure to force Verizon into expanding the previously microscopic role of the Board’s HR Committee and to also mandate investment on the corporation’s entire workforce, not just a select lucky few at the top of the ladder.
An HR Committee only focused on the mega bonuses and compensation its executives make is simply not looking out for the worker on the front lines, or our fellow retirees.
We understand that this measure seemed to some as outside the scope of what is truly important to retirees, but we believe, a policy that is good for the worker is good for retirees.
We appreciate all of our members for using their vote, their voice, and expressing their concerns as co-owners of the corporation.
This article was first published in the Summer 2022 BellTel Newsletter.
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